EnWave Corporation (ENW) has announced its third-quarter financial results, including consolidated quarterly positive net income.
The company reported a consolidated net income of $670,000 for the third quarter of 2021, which is an improvement over the net loss of $1.166 million in Q3 2020.
This is the most profitable quarter in the history of the company, marking a major milestone for EnWave in the commercialization of its REV technology in the food, cannabis, and pharmaceutical industries.
Q3 revenue increased 121 per cent year-over-year, coming in at $3.56 million compared to $1.609 million in Q3 2020. This increase came as EnWave continued to ramp up sales for its Radiant Energy Vacuum (REV) machine.
The company saw increased sales for new licenses and generated repeat machine orders from existing license holders.
During the quarter, Brad Lahrman was hired as the new CEO of NutraDried, EnWave’s operating subsidiary. The company also completed the restructure of the NutraDried business unit.
Revenue from NutraDried saw lower revenues in Q3 as shipments to Costco stopped, decreasing slightly by 14 per cent.
EnWave began several strategic partnerships during the quarter, including royalty-bearing licensing agreements with AvoLov LLC, Europe Snacks Group, and a leading Columbian dairy company.
The company also formed a global strategic partnership with Dole Worldwide Food & Beverages Group, which purchased a 10kW REV machine for internal use.
With new cannabis, food, and pharmaceutical partners, EnWave is poised to leverage its REV technology in the health and wellness industry in the coming years.
EnWave, a Vancouver-based advanced technology company, has developed the Radiant Energy Vacuum, an innovative, proprietary method for the precise dehydration of organic materials.
EnWave Corporation (ENW) is up 7.69 per cent, trading at $0.98 per share as of 11:14 am ET.